Polkadot has a new upgrade and for DOT, that means…

• Kusama, Polkadot topped the list of blockchains in terms of GitHub commits.
• DOT’s open interest declined while its price rose by over 3% in the last 24 hours.

Polkadot [DOT] has released a new network upgrade, bringing changes to the blockchain. Thanks to the release, DOT’s development activity remained higher than others. Apart from that, Polkadot also proposed a few new referendums, which are currently under voting. Amidst all this, DOT investors were having a good time as the market conditions turned favorable. 

Read Polkadot’s [DOT] Price Prediction 2023-24

Polkadot ecosystem’s major updates

The blockchain released its latest network update, named Polkadot v0.9.43, on 20 June. As per the official release, this was a medium-priority release, and users should upgrade in a timely manner.

The update also introduced two new features: database migrations and runtime migrations. The former are operations upgrading the database to the last stand, while the latter are operations running once during a runtime upgrade.

Thanks to the network upgrade, Polkadot’s development activity remained higher than that of the other blockchains. This was evident from Santiment’s data, as Kusama and Polkadot topped the list of cryptos in terms of GitHub commits. 

New proposals are under voting!

Apart from these, quite a few new referendums have also been proposed of late. To be precise, Referendums 18, 9, and 3 were under voting.

The referendum 18 is about upgrading the Polkadot network to v9430. Referendum 9, on the other hand, revolves around re-doing the failed upgrade of the Bridge Hub parachain to runtime v9420. Whereas referendum 3 proposes to set max code size to 3 MiB.

Polkadot investors are celebrating

Amidst all these developments, DOT investors were having a good time, thanks to the change in market conditions. The bullish market helped DOT increase its value by more than 3% in the last 24 hours.

At the time of writing, DOT was trading at $4.70 with a market capitalization of over $5 billion, making it the 13th largest crypto.

The good news was that the price hike was accompanied by a 36% surge in trading volume, which acted as a foundation for the price uptick. Coinglass’ data revealed another possible reason for the surge. As per the chart, DOT’s open interest declined sharply, which generally initiates a trend reversal in the market. 

Source: Coinglass

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Market sentiment around DOT also changed

The bullish market not only caused a price hike, but also helped change market sentiment around DOT, as evident from the rise in its weighted sentiment. On top of that, Polkadot’s social volume also went up, reflecting its popularity in the crypto space.

Source: Santiment